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The Beijing headquarters of China’s central bank, the People’s Bank of China, where research into the technology behind bitcoin is about to culminate in an entirely new kind of cryptocurrency backed by the government.
Zhang Peng/LightRocket via Getty Images
China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher. Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, says the largest bank in the world, the Industrial and Commercial Bank of China, the second largest bank in the world, his former employer, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency.
A separate source, who’s involved in the development of the cryptocurrency, dubbed DC/EP (Digital Currency/Electronic Payments), confirmed that the seven institutions would be receiving the new asset when it launches, adding that an eighth institution could also be among the first tier of recipients. The source declined to provide the name of the additional company. Speaking under terms of anonymity, the source, who previously worked for the Chinese government, confirmed that the technology behind the cryptocurrency has been ready since last year and that the cryptocurrency could launch as soon as November 11, China’s busiest shopping day, known as Singles Day.
At the time of launch, the recipient institutions will then be responsible for dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi, China’s fiat currency, according to the source. The source added that the central bank hopes the currency will eventually be made available to spenders in the United States and elsewhere through relationships with correspondent banks in the West. “That’s the plan, but that won’t happen right away,” the source said.
The plan to use a diverse set of China’s trusted intuitions to disperse the cryptocurrency is reminiscent of a number of other ideas currently percolating around the world. For instance, Facebook’s planned libra cryptocurrency will be backed by a basket of currencies issued by central banks with support from companies like Mastercard and Uber in the United States, Vodaphone in England and Mercado Pago in Argentina. And last week, Bank of England governor Mark Carney floated the idea of a new currency backed by a number of central banks to replace the U.S. dollar as the global reserve currency.
What sets China’s DC/EP apart from libra and Carney’s “synthetic hegemonic currency” (SHC), according to Shulte, is that while libra is little more than early-stage computer code and the SHC doesn’t appear to have gone much further than Carney’s mind, the Chinese cryptocurrency is ready to launch. “China is barreling forward on reforms and rolling out the cryptocurrency,” says Schulte, who now runs an eponymous bank research firm. “It will be the first central bank to do so.”
At the time of publication, neither the People’s Bank of China nor any of the seven institutions mentioned by Schulte had responded to Forbes requests to confirm or deny his claim. However, the two-tiered strategy, where the central bank creates the currency and others distribute it, aligns with previously unreported statements made by Mu Changchun, deputy director of the Paying Division of the People’s Bank of China (PBOC) and the new head of China’s cryptocurrency research lab. In a speech on August 10 at the China Finance 40 Forum, since revised and posted on the PBOC’s WeChat channel, Mu described the central bank’s “two-tiered” system, wherein the bank would create the cryptocurrency and a small group of trusted commercial businesses would “pay the central bank 100% in full” to be allowed to distribute it.
In addition to preventing regional banks and other organizations from being disintermediated, Mu said the two-tiered system is designed to “curb” public demand for other cryptographic assets, consolidate China’s national currency sovereignty, ensure that the central bank maintains control over monetary policy affecting the currency, increase the likelihood of people using the currency, distribute the risk of having all the authority directly in the hands of the central bank and encourage competition between the organizations that receive the cryptocurrency.
“This dual delivery system is suitable for our national conditions,” said Mu. “It can not only use existing resources to mobilize the enthusiasm of commercial banks but also smoothly improve the acceptance of the digital currency.”
The composition of the organizations Schulte says will receive the DC/EP also aligns with Mu’s comments. Later in his speech, Mu added that only after the technical specifications for the DC/EP were completed in 2018 did the central bank realize the similarity between its design and that of libra, the cryptocurrency being developed by Facebook and about 30 other early-stage partners.
One key difference, according to Mu, is that while libra is being designed to handle 1,000 transactions per second, the DC/EP was designed to handle 300,000 transactions per second. For context, Mu added that during last year’s Singles Day the peak volume of all transactions in China was 92,771 transactions per second, dwarfing what the other platforms could support, but well within the DC/EP specifications. “At present, we belong to a state of horse racing,” Mu said according to the translation.
How Blockchain Went From Bitcoin To Big Business| 37:20
The DC/EP can achieve this kind of volume only because it is not a “pure blockchain architecture,” according to Mu, and therefore it doesn’t need to wait for groups of transactions to settle in a block. Like other permissioned blockchains that not anyone can use, the DC/EP is centrally managed, in this case by the central bank, meaning the digital currency remains a liability of the bank and the debtor/creditor relationship is unchanged, according to Mu. Also, instead of using an algorithm to limit supply, like bitcoin, Mu says the PBoC itself will control supply. Crucially, Mu says, the DC/EP is being designed to replace the physical notes and coins in circulation, not the renminbi sitting in bank accounts in a digital form.
“The central bank’s digital currency can be circulated as easily as cash,” said Mu. “Which is conducive to the circulation and internationalization of the renminbi.”
Whether anyone outside China would actually use a digital renminbi for transactions in their own country is unclear. As the Bank of England governor’s comments about replacing the U.S. dollar indicate, much of the world is tired of having their financial stability tied to the United States’ monetary system. But China may not be the best alternative. Earlier this month, as part of the escalating trade war between the United States and China, U.S. President Trump accused China of being a “currency manipulator.” After China’s renminbi fell to its lowest in 11 years, hitting 6.9225 renminbi per dollar on August 5, according to a Financial Times report, it has recovered significantly, trading at 7.15 renminbi per dollar today. While China has denied the charge and called the U.S. “protectionist” in a press statement, the perception of manipulation could be harmful to broader adoption of a digital currency linked to the renminbi.
In December 2017, another country accused of devaluing its currency, Venezuela, revealed plans for its own cryptocurrency, backed by oil and called the petro. After much hullabaloo, the currency somewhat officially launched in 2018, but it isn’t available on most international exchanges because of a U.S. embargo and has been almost impossible to accurately value. Another obstacle to adoption could be uncertainty about the benefits of a technology that’s intended to replace fiat currency but is still under centralized control. While it’s obvious that any central bank wishing to more closely observe how citizens are using a cryptocurrency would prefer a transparent ledger like the bitcoin blockchain, which makes transactions easily traceable, most of the benefits to users of current blockchains, such as instant settlement and digital transactions without the need of a middleman, could be undermined by central control.
One person who’s not concerned about the obstacles to adoption of China’s cryptocurrency is Charles Liu, chairman of HAO International, a private equity firm investing over $700 million in Chinese growth companies. After largely focusing on solar, organic fertilizer, and wastewater treatment technologies since 2012, Liu says he is an angel investor in “the first blockchain company to be able to sign an official contract with the People’s Bank” of China.
Liu declined to reveal the name of the firm or its technology but lent support to Mu’s comments about the potential benefits to businesses using China’s cryptocurrency. In addition to being a more efficient way to track money laundering, bribery and other transactions, Liu says, the cryptocurrency will give banks increased confidence in the creditworthiness of borrowers, let merchants receive payments instantly and lower transaction fees. While Liu says that banks in the United States have been resistant to such improvements that eat away at their bottom line, he adds that China doesn’t have that problem, because the government owns the banks.
“What will facilitate commercial transactions and enhance efficiency, the central government decides and they go ahead and do it,” says Liu, adding that “China’s strategic plan is to integrate more closely with the rest of the world. Cryptocurrency is just one of the means to have a more internationalized renminbi. It’s all strategic. It’s all long term.”
I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies such as Bitcoin, Ethereum and Ripple, and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 I’ve run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattan’s rich literary heritage.
China’s central bank is reportedly on the verge of launching a national digital currency. Investigative Journalist Ben Swann joins Scottie Nell Hughes to discuss the implications. He argues that at some point every country will have its own digital currency. And that there’s “nothing attractive” about such currencies as they’re no better than traditional government-backed fiat currency. #NVHughes#QuestionMore#RTAmerica Find RT America in your area: http://rt.com/where-to-watch/ Or watch us online: http://rt.com/on-air/rt-america-air/ Like us on Facebook http://www.facebook.com/RTAmerica Follow us on Twitter http://twitter.com/RT_America
There is now a plethora of Telegram bots out there that label themselves as bitcoin miners, Ethereum miners or just generic ‘Crypto’ miners. Scratch the surface and you’ll soon discover that the vast majority are just scams.
You could pour hours into these little bots gradually building up Satoshi’s, gems etc but then comes the glorious day of withdrawing your “earnings” and you are told you don’t have enough points or keys to withdraw the minimum amount. Let me save you hours more time by saying its virtually impossible to acquire these keys/points and you may as well delete the channel.
Here is a list of a few of these scam bots:
Myself and a group of others are constantly testing these bots to the point of withdraw and they all end up the same! “You do not have enough points to withdraw minimum amount”. The list I give is small but there are probably hundreds of others out there or in the pipelines to be released soon.
Here is the program charactersitics..If you willing to install it , dont forget that it only works in telegram app…
Telegram Auto Mining Robot: fully automatic mining bot.
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The Bitcoin price has been on a tremendous run in 2019, roughly tripling its price in U.S. dollars since the start of the year. That said, Morgan Creek Digitalco-founder
Anthony Pompliano thinks the party is just getting started.Pompliano has predicted that the Bitcoin price will reach $100,000 by the end of 2021, and he was recently asked to explain his point of view during an interview with CNN’s Julia Chatterley.
Digital Gold and Loose Monetary Policy
In the past, Pompliano has described the trend towards loose monetary policy combined with Bitcoin’s upcoming halving event as the “perfect storm” for the rise of the digital asset. Pompliano explained this theory during his CNN interview.
“Whenever we get to a recessive period or kind of slowing growth, central banks have kind of two tools: They can cut interest rates, which they did yesterday, and they can print money (quantitative easing). And so, when they do both of those things, it usually takes anywhere between 6 to 18 months to feel the effect of those tools, and what it’s going to do is it’s going to coincide with the Bitcoin halving,” said Pompliano.
A halving event in Bitcoin is when the amount of Bitcoin that are generated by miners every ten minutes is cut in half. Bitcoin’s monetary policy was “set in stone” when the network went live back in 2009, and the scheduled issuance of new Bitcoin is halved roughly every four years.
Originally, 50 Bitcoin were created every ten minutes. Next year, the number of new Bitcoin created in each new block will drop from 12.5 to 6.25.
While gold has historically been viewed as a safe haven asset in times of monetary easing, Pompliano covered a couple of the benefits of Bitcoin over gold during his CNN interview.
“The difference is, between Bitcoin and gold, with Bitcoin, we know exactly how many is getting created, so 1,800 Bitcoin are going to be created today. The second thing is we know the total supply available, which is 21 million. So, it’s not: Hey I wonder how much is in the ground. We know exactly how much it is, and we can actually go and audit or verify the software code of the system,” said Pompliano.
I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space — from being editor-in-chief at Inside Bitcoins to contributing to Bitcoin Magazine on a regular basis. My work has also been featured in Business Insider, VICE Motherboard, and many other financial and tech media outlets. I’m mostly interested in the use of Bitcoin for transactions that would be censored by the traditional financial system (think darknet markets and ransomware) in addition to the use of bitcoin as an unseizable, digital store of value. Altcoins, appcoins, and ICOs don’t make much sense to me. Find all of my work at kyletorpey.com. Disclosure: I hold some bitcoin.
Bitcoin and cryptocurrency asset manager Grayscale Investments is today planning to move billions of dollars worth of holdings to U.S. crypto wallet provider and trading platform Coinbase in what could be one of the largest single day transfers of bitcoin and crypto assets ever.
Grayscale, which claims to be the world’s largest bitcoin and digital currency asset manager, is today announcing Coinbase Custody will serve as custodian of the underlying assets for its products, and is expected to transfer nearly $3 billion of assets in fewer than 12 hours to Coinbase.
Grayscale Investments last month recorded an all-time high volume of assets under management of $2.7 billion, much of which is held in bitcoin, Ripple’s XRP, ethereum, and litecoin.
2018 S3studio
Coinbase Custody, which is operated as a standalone, independently-capitalized business to Coinbase, will now will oversee Grayscale’s cryptocurrency holdings, including bitcoin, bitcoin cash, ethereum, litecoin, and Ripple’s XRP, among other major tokens, as well as Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to bitcoin and crypto through a market cap-weighted portfolio.
“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,” said Sam McIngvale, Coinbase Custody chief executive.
“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”
Last month, Coinbase, the largest U.S. cryptocurrency exchange and wallet service, boasted it has signed up 30 million users since launching in 2012, with eight million new users added over the last 12 months.
Grayscale has benefitted from the rising bitcoin price so far this year, which has pushed up the wider cryptocurrency market, boosting ethereum, Ripple’s XRP, and litecoin.
“Since its introduction in 2009, bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience,” Grayscale reported.
“Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another.”
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Cryptocurrency investment app Abra has revealed it’s set to restrict services for users in the United States over continued regulatory uncertainty.
According to a blog post the company published. It’ll adjust its offering in the country in an effort to “continue to be compliant and cooperative with US regulations as they currently exist.” This means Abra users in the US will see the firm restrict its services.
The blog post reads:
As a part of this effort we are migrating any synthetic assets to a native hosted wallet solution. On Abra, these are defined as anything other than Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
As such, users in the US will no longer be able to hold QTUM, bitcoin gold (BTG), Status (SNT) and OmiseGO (OMG) on the platform after August 29. Those who have positions in these cryptocurrencies are advised to withdraw their funds before said date, as any remaining balances will be automatically converted to BTC.
Those in New York will be more affected than others, as they will no longer to able to use wire transfers, bank Automated Clearing House (ACH), Or American Express cards to deposit and withdraw funds from Abra’s app.
The service also allows users to gain exposure to indexes like the S&P 500 and the Russell 2000. This won’t, however, give them ownership of the assets themselves, meaning those who use the app to invest won’t, for example, receive dividends from stocks.
Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option allowing users to buy or sell cryptocurrencies in person for cash.
In a Reddit post Sunday, a LocalBitcoins user pointed out the option was no longer available on the platform, though commenters some suggested the restriction might be limited to the U.S..
The removal of the option – which basically acts as a matchmaker for users to make trades in person – effectively bars LocalBitcoin users from selling and buying bitcoin for cash. LocalBitcoins has also cancelled pending fiat trades, other comments suggest.
The platform has not yet made an official announcement about the change on its blog or Twitter.
In response to the move, LocalEthereum announced has temporarily removed the trading fee on cash-in-person exchanges – effective June 1 to July 1.
LocalBitcoins’ move comes after the company announced in February that it would comply with the European Union’s (EU) new anti-money laundering directive.
Several other P2P cryptocurrency trading platforms still offer an in-person cash option.
The architecture of Bither is designed to minimize the computational resources required for safeguarding the network, by doing so, a portion of the computing power, by the miners’ choice and in a democratic way can be driven towards scientific projects that are in need of computing power to process big data.
In this way, Bither provides PoW consensus mechanism with a more efficient framework. One of the Bither’s features is the merged mining, this is a powerful incentive to draw more miners to Bither’s network. Miners would be able to mine all customized tokens located on the second layer, not just the main coin (BTR).
Bither Platform benefits from a more efficient, flexible, modular-based and user-friendly set of features that even currently-existing blockchains with a second layer solution do not. As an example, in Bither, users can add a third layer to their network located in the second layer. Such a feature makes them able to define multiple tokens and make their project better structured.
To conclude, the Bither platform while providing all the features of current blockchains such as protecting the network with PoW, tokenization and smart contracts, it aims to push blockchain technology one step further in order to have a place in a green and eco-friendly future and to be a great help for science to afford to process big data. Besides these, Bither has brought many innovations to make its platform more efficient and user-friendly.
Perucoin is a project initiated by the company Bits2u, which aims to expand knowledge about cryptocurrencies in Peru. Concrete Objective Bitcoins will be mined in the mining farm and with 30% of the collected revenue will be used to purchase the PeruCoin that are available in the market every month.
Encourage the public to invest in cryptocurrencies. Create one of the most big mining farms in Peru Teach based on guided visits to the mining farm how the mining machines work. PeruCoin’s main objective in the short term is to complete the first phase of our Roadmap which includes the purchasing and acquisition of the factory which will later be converted into a mining farm.
In addition, we aim to enhance and foster the widespread adoption of cryptocurrencies among the Peruvians. Through the Mining farm, we also aim to become the state-of-the-art generation crypto-mining platform leveraging the potentials ofBlockchain technology.
Partnerships with other platforms that accept PeruCoin as a means of payment, such as Opolo, Lkcoin, Converse with physical businesses to accept PeruCoin or Bitcoins.
We intend to bring great financial returns for our investors, PERU token holders, and participating merchants while also delivering amazing value propositions to the Peruvians community.
PeruCoin’s vision is to promote the knowledge about cryptocurrencies to the Peruvian population through guided visits to a factory where they can appreciate the technicalities and operations of the mining machines in action and through conferences.
We plan to achieve this by educating and increasing the awareness of the general Peruvian population on the benefits and safety of blockchain technology and adopting digital currencies. Ideally, we envisage driving the development of a new financial ecosystem in Peru grounded in the interactions between educating the populace and interactions of blockchain technology and assets management
PeruCoin’s vision is to promote the knowledge about cryptocurrencies to the Peruvian population through guided visits to a factory where they can appreciate the technicalities and operations of the mining machines in action and through conferences.
We plan to achieve this by educating and increasing the awareness ofthe general Peruvian population on the benefits and safety of blockchain technology and adopting digital currencies. Ideally, we envisage driving the development of a new financial ecosystem in Peru grounded in the interactions between educating the populace and interactions of blockchain technologyand assets management.
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Bitcoin and the broader cryptocurrency market has been trading sideways since leaping higher at the beginning of this month, with ethereum now only 7% up on its late March price per ethereum token.
Musk tweeted the word “ethereum” then followed it up by tweeting “jk”—perhaps an attempt at preventing Twitter from suspending his account, which has previously been locked after tweeting about cryptocurrencies due to his long association with bitcoin and cryptocurrency give-away scams.
Musk then told ethereum’s Buterin to “stop giving away ETH.”
Musk has recently been embroiled in a row with the U.S. Securities and Exchange Commission (SEC) after he tweeted about his plans to take Tesla private last year, with the SEC then claiming that Musk violated an agreement by tweeting information Musk said had already been correctly relayed to investors.
“If I were the SEC I would probably have pushed to add a requirement in the amended settlement to the effect of, if Musk is going to tweet a joke about Tesla, he has to add a smiley face or a “j/k” or a “lol” to the end of it. Again, this is an absolutely terrible rule for life, or comedy; it really kills the joke. And I can see why Musk would be concerned with the aesthetics of his Twitter comedy. But the SEC probably shouldn’t be!”
Musk surprised bitcoin and cryptocurrency watchers earlier this month by saying that the meme-based dogecoin is his “fav” cryptocurrency, even ahead of original cryptocurrency bitcoin, which he’s heaped praise on previously.
Musk, who has become known for his meme-ing Twitter account while running three major U.S. technology and engineering companies, was at this time responding to (another) tongue-in-cheek Twitter poll that found him to be the favorite to take on the mantle of dogecoin CEO, with 49% of the vote.
Musk beat off competition from ethereum co-founder and widely respected crypto developer Buterin, litecoin founder Charlie Lee, and Marshall Hayner, the chief executive of bitcoin and cryptocurrency blockchain payments processor Metal.
Earlier this year the bitcoin and cryptocurrency markets were enlivened by comments from two of the most closely-watched figures in the tech world: Tesla’s Musk and Twitter’s CEO Jack Dorsey.
Despite a recent rally, the bitcoin price remains well under where it was most of last year.
CoinDesk
The bitcoin price failed to rally following Musk’s and Dorsey’s light praise of bitcoin and how cryptocurrencies will change the future of money—despite crypto media celebrating wholeheartedly.
Speaking on the Ark Invest podcast in February, Musk said it’s “very energy intensive to create bitcoin at this point” and it may not be “a good use of Tesla’s resources to get involved in crypto.”
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk
